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captioning sponsored by wpbt >> paul: two big developments for bank of america and embattled c.e.o. ken lewis. the bank settles s.e.c. charges it misled investors about bonuses for merrill lynch execs. and b-o-a hires one of the best- known women on wall street shaking up its top management. we get insight on both moves from veteran banking analyst dick bove. >> susie: cash for clunkers drives a rebound in auto sales giving ford its first positive sales growth in over a year. but the program's future and funding are still up in the air. >> paul: then the markets start the month on a tear with the s&p 500 pushing above one-thousand for the first time since last fall. how long will the rally last? some answers, coming up. >> susie: then, a problem at apple's core. google c.e.o. eric schmidt is stepping down from apple's board of directors. we'll tell you why. >> paul: i'm paul kangas. >> susie: and i'm susie gharib. this is "nightly business report" for monday, august 3. "nightly business report" is made possible by: this program was made possible by contributions to your pbs sta
it fromank of america toy. the company dinot admit or deny the securities and change coission's charges, but a bank okesman called the settlemen a constructive cclusion. lel experts said it was worth noting the s.e.c. d not charge bankf america th fraud. finance professor james gel says a fraudharge would have trigged much stiffer pelties. >> the fact thatt was mislding and that they are not arresting people for secities aud shows that they may real think it was morof a paperwork error than an intentnal scam on the plic. >> reporr: regulators charge the documents bank oamerica sent to instors explaining its deal to buy merrillynch were false d misleading. that because bank of america said no bonuses would be paiat merrill witht b of a's approv. bank of amica did not disclose $5.8 blion in bonuses had, in fact, already been approvefor payment to mrill executives. members of congress ve spent many hours lookingnto charges ba regulators pushed bank of america ceo ken wis into a shotgun marriage with a falting merrill lynch. ngressional critic darrell issa says th settlement wraps up just o
eress and discover financial services. bankf america, which has the highest default and linquency rates ong the top credit card issuers, said its chargeff rate inched do just a bit from ne to july. >> paul: bank of america and citi shares were ang the big board'most active. we'lsee them as we take a look at our stocks in theews tonight. >>aul: and those are the stocks in the news tonig, jeff. >> jeff: reader'digest associatiowhich publishes the country's most popular genal interestagazine, is filing for chapter 11 banuptcy protection the company has ached a deal withenders for $150 million in financing, so it canperate whilreorganizing. decling circulation, a drop in advertising and a $2-blion debt load dre the move. reader'sigest hopes to shed about $1.5 billion of that debt while in bankptcy protection. >> paul: tomorw, hewlett packarchecks in with quarterly results. we'll see hocomputer sales are trending as the tion heads back tschool. >> jeff: chaes schwab corp was sued todayy new york attorney general andrew cuo. he accused the brokerage business of misleading custors in the sale
battle. brookings fellow doug elliott says home prices and mortgages matter to middle class america and major financial institutions. >> there are fundamental economic interests here, which means you are going to have a lot of people lining up to support a large mortgage effort with as much government subsidy as possible, implicit or explicit. >> reporter: one question is what will happen to common shares of fannie mae and freddie mac, which currently trade on the new york stock exchange. >> as we come out of conservatorship, they'll be a decision made, and it could be that they have absolutely no value. >> reporter: as policymakers grapple with the future of the mortgage giants, their job will be helped or hindered by how the companies toxic assets are perform. the administration says it will unveil plans for the mortgage giants in february. stephanie dhue, "nightly business report," washington. >> paul: oil traders who make false or misleading statements will be fined a million dollars a day. that's the bottom line of a new rule issued today by the federal trade commission. the ag
't just walk on a base and say i'm he to hire veterans and vetera can't walk into any corpore america building and say, "hey i'm a veteran,lease hire me." so this is a way for them come together-- on one aord and get to what'usually the last step, which is face to ce meeting. >>e do see a better quality of candidate it seems athe recruit military job fairs. then, i would say than the average job fairhat we go to. justecause the military core values are so tightly inrwoven withhat we have at bank of america. >> my job searchs going real well. they fnd at a table down there... ny defense contractors. beuse i have my license, they said i found a hard to fil position and they're ting to get pa h.r. right now d get hired, so it's ing real well. but to some, have supply cin experice that translates very well into our pply chain environment. contract notiation type "o" experience, corpate security, informion security, business continuityhat disaster management backgund in preparing for things to haen that you can imaginen the banking business translas very well. >> take my cargo to our weite
among other big lenders, gmac has modified 20%, citimortgage 15%, wells fargo 6% and bank of america 4%. just 235,000 loans have been modified out of the almost 3 million eligible for the program. treasury undersecretary michael barr says the industry needs to do more. >> we're disappointed in the performance of some of the servicers, we think they could have ramped up better, faster, more consistently. >> reporter: the industry says the home affordable modification program is just one way to modify loans. another way, the industry's hope now program, which has modified an additional 300,000 loans since june. paul leonard of the housing policy council says some of the banks on the treasury's list haven't been enrolled in the program long enough to make a difference. >> what's not reflected in the treasury's initial announcement is when the company actually signed up for the program, so i think in the fall we'll have a better sense for the companies that have really kicked it into gear. >> reporter: the administration wants the industry to modify half a million loans under the program b
institutions that do most of the small business lending in america. >> most of the folks on the oversight panel you chair agreed but congressman jeb said that perhaps the toxic asset problem is taking care of itself and that further government intervention might be counterproductive. does the government need to be pumping more money into the banking system? >> i want to start by saying i think that maybe he should reread this report carefully. the report doesn't call for spending more money in this ar area. what the report says is that the way treasury plans to spend its money may not accomplish the ins we identified as needed. what we're really trying to get a focus on in the report is to point out the danger areas and to say once again, we started this problem with toxic assets. we spent $700 billion and we stabilized the banks but we didn't yet deal with the toxic assets problem and we've got to do that to save our banks and to get our economy back on track. >> there's a lot of concern about the tarp program. it's become a $700 billion slush fund for the treasury. when the banks repay the mo
. >> paul: tomorrow, from g.m. to bank of america and citigroup, big bailed out firms face a deadline on executive pay. >> susie: airline rivals are swapping airport slots in two of the nation's busiest cities to help their businesses take off. delta air lines and u.s. airways said today they're exchanging gates at new york's laguardia airport and washington's reagan national. the deal lets delta expand its new york service while u.s. airways increases service in d.c. it also lets them better compete with low-fare rival southwest airlines. >> paul: the securities and exchange commission plans to file insider-trading charges against pequot capital management and its founder arthur samberg. the s.e.c. wants to know if pequot traded microsoft shares on confidential information provided by a former employee of the software giant who was later hired by pequot. a month ago, samberg said that was not the case. back in may, he announced that he's shutting down pequot. >> susie: here's a look at >> susie: in the "money file" tonight, learning to trust wall street again. here's harriet johnson
the military core values are so tightly inteoven with wt we have at bank of america. >> my job search igoing real well. they fou at a table down there... navdefense contractors. becae i have my license, they said i found a hard to fill position and they're tryg to get past.r. right now anget meired, so is going real we. but to some, have supp chain exrience that translates very well into r supply chain environmen contra negotiation type "o" experience, rporate security, inrmation security, business continty that disaster management bkground in preparing for things to happ that you can imagine ithe banking business translatevery well. >> take my card to our webse and see what's on there. i'm hearing a lo some obviously are ting time and lking, but there are some also that are just givinthat information and that's almt a daily ritual. next step is tcontinue this process on a daily basis, d search every avenue at 's ailable for job recruitment, whether it's onlin or through an agency... whatever, tt's critical. just stayi out there and being exposed to as manypportunities as posble. that's pre
good in america. >> paul: recappingoday's market actn, stocks fall on cautioahead of the fed's policy announcement. the dow dropped 96.5 pointand the nasdaq fell 22.5 points. learn more about the storie in tonight's brocast, to watch our streaming video d to take part iour daily blog, go to "nightly business reporton pbs.org. you can also email us at nbr@pbs.org. >> susie: a luxuryesort in san diegis doing its best to appealto cash-straed coumers. the rancht rancho bernardo n is offerin much ler prices in change for fewer amenities. for just $19 a night, gues can buy the rvivor package and they'll get whathey pay for a room with noed, no air-conditioning and nlights. for that price, y're provided with a tentut you have to bring your o sheets and towels tols. so, paul,bout two dozen cuomers took advantage of this promotion whent was first offered in june. believe it or not. >> paul: who'saking advantage of whom here is the estion? fo$19, i think the resort ought to pay the customers f that. >> susie: gives wheew aning to survivor. >> susie: at's "nightly business report" foruesday, aug
balance sheets areefore you invest >> the bigger players we're talking about,ank of america, citioup, jp morgan, they've raised a lot of capital the markets in order to shorup their balance eets. your localommunity bank doesn't have that opportuny. as a result, ty're still playing with theame amount of capil they had at the beginning and they'rtaking the same te of loses as thbig banks but th don't have the capital,ew capital, to absorb the loses. >> reporter: the sll banks now showg up on the f.d.i.c.'s trouble list are ao often new bank they were founded duri the housing bubble, takingn risky investnts in a bid to get established quickly. scott gurvey, "night business report new york. >> susie: richmond feral reserve bank president jefey lack says the u.s. economy appears to be stabilizg. and he sees ination more likelyo rise than fall. lacker's comments ca after news this rning that second arter g.d.p. fell 1% a small than expecteslide. speakingo a business group in virginia, lack said while many industries andowns remain distssed he sees the economy headedor better times. lacker als
revenue. we've se corporate america's ability to cut costs. i thk wh's changed is we ne a maj catalyst to me us forwarhere or we we have to go rough a considating period. >> susie: what needs toappen fopositive buying? >> a few things. first of all, shift in psychology in thmarketplace righnow. i would arguthat right now people have been pricing ithe here andow, meaning we'll price exactly where we stand in terms oearnings growth and look at multipl as they pertain to the prese versus what the market hisrically does, which isorward-pricing, looking forward tohe first half of2010, expecting economic growth and earning growth, d art investing now for that growth looking forward. think what's happened, becau ofhis economic slow-down, is inveors have gotten used to th okay, this company is not going bankru, i'll buy se now. ok, rnings were not as bad as expected, ll buy se of that now. that's living in the past and the present. investors have tstart looking at the future. that hn't happened yet, but that's the significant sft we'll se >> susie: all ght. gives your advice on what instors s
their balance sheets a before you inve. >> the bigger players we'r talking abou bank of america, cigroup, jp morgan, they've raised a lot of capitain the markets in order to she up their balancsheets. your loc community bank doesn't have that opportity. as a result,hey're still playing with t same amount of catal they had at the beginning and theye taking the sameype of loses as e big banks but ey don't have the capita new capital, to absorb the loses. >> reporter: themall banks now shing up on the f.d.i.c.'s trouble list arelso often new bas. they were founded dung the housing bubble, taki on risky invements in a bid to get established quickly. scott gurvey, "nigly business repo", new york. >> susie: richmondederal reserve bank president jfrey laer says the u.s. economy appears to be stabiling. and he sees flation more like to rise than fall. lacker's comments me after news thimorning that second quarter g.d.p. fell 1% a smaer than expecd slide. speaki to a business group in virginia, laer said while many industries a towns remain diressed he sees the economy head for better times lacker al
spiedy, the x-m, captain america d the fantastic four it's the biggest media deal for disney since it bout pixar animation studios back in 2006. it also the first big media al since the global financialrunch. analts say it's anotherign that confidce is returning to the marketplace. small that revival of big takeov activity by disney could not couer a6% plunge in the market as wal street opened wh a sharpell-off. an hour in trading the dow fell nearly 100 points while th nasdaq st 30 points. the marketmproved a bit ov e next several hrs on better than eected reading on midwest business tivity. t after the big august rally, profitaking prevailed and stoc ended broadly lower. the dow industrial arage closed off 47.92 at 9496.28. the nasdaq composite wasff .71 ending at 2009.06. stanrd and poors 500 lost 8.31 a 1020.62. in the bond market, t ten-year note rose 13.. >> susie: i you're cheating i don't your taxes the i.r. is going to roll out another weapon in s arsenal to cat you. yourortgage. the agency i going to look at mortgagenterest dat in tax returns and compare to data from ban
of our five theaters,he u.s. asia pacific, latin america, emerging markets. the onlyection that was more chlenging was in europe, in europe see saw the quential growth oy up about5%. in the rest of the world it was double dits in every theater. so it s a good start, bu it uld berresponsible to call it a definite tipping point yet. but it's very positive. and we hada great quarter. susie: john, do you have a sense of overalltech. spending outside of cis? what is your take on the mood or what you'reearing of tech. spending across the board overhe next 12 months let's say? >> well, i think whatyou're seeing is customers beginning to take their foot off the brake and starting to spend gradlly. the opinion of my peers is pretty diverse from various companies in terms of what they're seeing. i tend to be a little more optimistic based on the customers at i talk with, and part of can be the network is playing a different role with text pending and lays a role ineverything from the data cenr to the homes. so at the se time we're not growing off ofur traditional products, we're growing i areas
're talking about, bank of america, citigroup, jp morgan, they've raised a lot of capital in the markets in order to shore up their balance sheets. your local community bank doesn't have that opportunity. as a result, they're still playing with the same amount of capital they had at the beginning and they're taking the same type of loses as the big banks but they don't have the capital, new capital, to absorb the loses. >> reporter: the small banks now showing up on the f.d.i.c.'s trouble list are also often new banks. they were founded during the housing bubble, taking on risky investments in a bid to get established quickly. scott gurvey, "nightly business report", new york. >> susie: richmond federal reserve bank president jeffrey lacker says the u.s. economy appears to be stabilizing. and he sees inflation more likely to rise than fall. lacker's comments came after news this morning that second quarter g.d.p. fell 1% a smaller than expected slide. speaking to a business group in virginia, lacker said while many industries and towns remain distressed he sees the economy headed for bet
Search Results 0 to 21 of about 22 (some duplicates have been removed)